USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.37% against the CHF and closed at 0.9057. The Swiss Franc came under pressure after Switzerland’s KOF Economic Institute announced that the Swiss economy would fall into recession this year, due to the SNB’s surprise decision to remove its cap against the Euro and falling oil prices. It also downgraded its growth forecast for the nation for 2015 to -0.5% from its previous projection of 1.9% growth and expected no growth in next year from its earlier forecast of 2.1%.
In other economic news, Switzerland’s UBS consumption indicator advanced to 1.42 recorded in December, from a reading of 1.29 registered in the prior month.
In the Asian session, at GMT0400, the pair is trading at 0.9106, with the USD trading 0.53% higher from yesterday’s close.
The pair is expected to find support at 0.9022, and a fall through could take it to the next support level of 0.8938. The pair is expected to find its first resistance at 0.9153, and a rise through could take it to the next resistance level of 0.9201.
Amid no economic releases in Switzerland today, investors would monitor Swiss KOF leading indicator data, scheduled tomorrow, for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
